Farmington cost of living index

Here we can see a simple outline of the cost of living in Farmington, AR. As you can see, with the average cost of living in Farmington, AR being 93, that puts it 11% higher than the average of Arkansas and 7% lower than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Farmington, AR, the price of goods and services are 7% higher than the average of Arkansas as well as 2% lower than the nation's average.

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Salary Calculator

Use the salary calculator to compare your current income in Farmington, AR to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Farmington, AR, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Farmington, AR salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

If you want to find a good determining factor for the cost of living and the general affordability of housing in Farmington, AR, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Farmington, AR, the median monthly income is $66,563 for those who own their own homes. Under the standard rule, that income level would allow for $1,553 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $36,641, per the median income in the area. That would allow for renters to spend up to $855 on monthly rental expenses.

Arkansas Sales Tax

Arkansas Income Tax

When considering the overall cost of living expenses in Farmington, AR, it's important to take into account the sales tax for Arkansas, as well as the rate for income tax in Arkansas. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Arkansas is 11.625%, and the sales tax in the state of Arkansas is 6.5%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Arkansas starts from 0.9% and goes up to 6.9%.

Goods & Services

Groceries

Health Care

Housing

Transportation

Utilities

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

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Source: The Farmington, AR cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.